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Thursday, March 31, 2016

4,000 Indian millionaires shifted overseas in 2015

India has seen the fourth biggest outflow of high net worth individuals globally in 2015 with shifting of 4000 millionaires overseas, says a report.

According to a study conducted by New World Wealth, some 4,000 ultra-rich Indians have changed their domicile in 2015, while France saw the maximum outflow of millionaires with as many as 10,000 super rich leaving the country. The report however noted that the migration of super rich from China and India is not a “concern”.

“The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing,” the report said and added that “once the standard of living in these countries improves, several wealthy people are expected to move back”.